There is a Keynesian justification for moving away from free markets for sovereign debt for temporary conditions so long as corrective action is promised and taken. If not, the dislocation becomes debilitating and eventually remove an ability to function. We are on the way now with nearly permanent zero rates in the US and Europe amid deteriorating business conditions and lockjaw politics.
The purpose of free markets is price discovery, a match of risk and return. Once we warp that relationship we can not manage the way back. Yet we in these financial centers are sinking deeper into a pit of our own making without an exit strategy or timing. The outcomes will be a horror and not far away.